Privately held PT. Softex Indonesia is aiming to go public to potentially raise up to $500 million, Bloomberg News reported, citing people familiar with the matter.

The sanitary product manufacturer, in which London-headquartered private equity firm CVC Capital Partners Ltd. owns a significant minority stake, is considering a share sale in Indonesia that could take place as early as 2019, the people told the news outlet.

The Indonesian company reportedly has reached out to possible advisers about the plan, which could still change, as CVC and Softex might decide for an outright sale instead, the sources said.

A Softex representative confirmed the company's IPO plan without providing further details. A representative for CVC did not comment on the matter, according to Bloomberg.